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Unique And Innovative
The developers of Pi hope for it to become the most widely distributed digital currency ever. This, of course, means it will not be rare, like Bitcoin, and therefore not as valuable.
Pi is mined on your smartphone and does not drain your battery. The developers are currently looking to release a way to mine on your computer. This makes the currency much easier to make by more people and causes less electricity to be used on the whole mining process than Bitcoin.
Different Roles Or Levels Of Miners
Pioneer: A user of the Pi app who confirms daily that they are not a robot. Pioneers validate their presence every time they sign in to the app. They can also use the app to request and make transactions, which means transferring pi from one pioneer to another pioneer.
Contributor: A user of the Pi app who contributes to the network by adding lists of pioneers he or she trusts. In whole, Pi contributors will build a global trust graph.
Ambassador: A user of the Pi app who is introducing other users into the Pi network.
Node: A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. This level isn’t available at this time – 10/9/2019 – but is in the process of being readied.
A user can be more than one of the above roles. All roles are rewarded with new Pi on a daily basis as long as they participated and contributed during that day. All four roles are considered to be Pi miners. Pi developers define mining more broadly than its traditional meaning equated to executing proof of work consensus algorithms as in Bitcoin’s process.
The Future Of Pi
As of now, Pi is still being heavily mined and isn’t ready to be released for mass trading. The developers have over half of a million miners now, and they are recruiting until they reach one million.
Upon reaching one million miners, the developers of Pi will halve the mining. That means that if you are currently mining 2 Pi per hour, you will only be mining one pi per hour.
Most digital currencies halve from time to time.
Pi seeks to strike a balance between creating a sense of scarcity, (the determinating factor of a currency’s worth), while still ensuring that a large amount does not accumulate between a handful of owners.
The developers want to make sure their users earn more Pi as they make contributions to the network. Pi’s goal is to build an economic model that is sophisticated enough to achieve and balance these priorities while making the process easy to comprehend.
The Benefit Of Getting Involved
Loading Your Wallet
Being a miner builds a store of currency for you on your phone, basically meaning in your wallet. When Pi goes global you have your own stash. Whatever its value happens to be in cash is what you have to trade or spend.
There is no cost to make it, so the miner has nothing to lose. He or she is building a future spending base. This currency can be used as the miner sees fit, just like regular money in a bank, but without interest or fees.
There are no risks to be seen. Just make sure you follow whatever laws your government may have regarding holding assets of this kind.
Make sure you don’t lose your phone! Your phone is your wallet! If you lose the cash in your pocket, the bank isn’t going to replace it for you. It’s up to you to keep your Pi safe.
When It Will Be Spendable
Cryptocurrency holders have two options for turning their holdings into real money.
1) Directly purchasing goods and services with Pi. Pi Network is building a peer-to-peer marketplace where members will be able to directly spend Pi to buy goods and services.
2) Exchanging Pi for fiat currency on cryptocurrency exchanges. Pi’s Core Team does not control when cryptocurrency exchanges, such as Coinbase and Binance decide to list Pi.
How To Become A Pi Miner
- Get an invitation code from a miner and download the app. Use the code to get your own account. Make sure to verify your phone number!
- Use my link and code! My code, when asked, is catalan. Download the app. Make your account and DO NOT FORGET to VERIFY YOUR PHONE NUMBER!!
Not verifying your number will result in lost Pi for your whole team!!! Verifying is easy and can be done via text. Your number will not be seen by other miners and will not be distributed.